The electric van market is projected to grow from 106.8 thousand units in 2022 to 1,082.9 thousand units by 2030, at a CAGR of 33.6% from 2022 to 2030.
Electric van manufacturers have adopted the strategies of new product developments and geographical expansions to gain traction in the electric van market. While new product development helps a company to have a technological advantage, expansion helps to formulate a better business strategy as it enables a strong global footprint. For example, in February 2022, Renault announced a partnership for the design, co-development, and manufacture in France of a new-generation automotive electric motor for the company’s electric commercial and passenger vehicles, such as vans and trucks.
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Based on factors such as revenue generation, segmental revenue, regional footprint, and organic and inorganic strategies, the study estimates that General Motors (US), Renault (France), Toyota Motor Corporation (Japan), BYD (China), and Ford Motor Company (US) are the top players in the electric van market.
General Motors has a range of electric vehicles designed with a specific focus on improving its existing product line. It invests heavily in R&D and continues to invest in developing new electric vehicles with advanced performance characteristics and new technology for core parts and components. General Motors is an American multinational automotive manufacturing company engaged in the design, manufacture, and sale of cars, trucks, and automobile parts. It operates manufacturing and assembly plants and distribution centers throughout the US, Canada, and many other countries.
Renault concentrates on enhancing its business by implementing multiple strategies to increase its brand awareness and setting up channel partners for sales and distribution. The company focuses on new product developments and deals. It also provides various services including sales financing, leasing, maintenance, and services contracts. Renault markets products under Renault, Dacia, Alpine, Renault Samsung Motors, AVTOVAZ, Jinbei, Huasong, and Lada brands. It distributes products through a network of primary and secondary dealers across the world. Renault has operations in Europe, Eurasia, Africa, the Middle East, the Americas, and Asia Pacific.
Toyota Motor Corporation has 20 research & development centers across Europe, Asia, and North America as of 2021. It is one of the largest automobile manufacturers in the world.
BYD (Build Your Dreams) has collaborated with various city transport authorities across the world, providing electric vehicles of different specifications and sizes. It specializes in the manufacture of commercial electric vehicles. The company offers one of the world’s largest ranges of electric vehicles. It offers T3, T3 MPV, and ETP3 Panel electric vans for passenger and commercial transport purposes. BYD operates through its subsidiaries such as BYD (HK) Co., Ltd., Shenzhen BYD Microelectronics, and BYD Toyota EV Technology.
Ford Motor Company sells automobiles and commercial vehicles under the Ford brand and luxury cars under its Lincoln luxury brand. As of 2021, the company has manufacturing operations in the US, Canada, Mexico, China, India, the UK, Germany, Turkey, Brazil, Argentina, Australia, and South Africa. The company offers the E-Transit range of electric vans for commercial purposes. The company is focused on strengthening its operations in Asia Pacific and is expected to increase production in the region.
Electric Van Market by Range (up to 100 miles, 100-200 miles, & above 200 miles), Battery Capacity (up to 50 kWh & above 50 kWh), Battery Type, Propulsion (BEV, FCEV, & PHEV), End Use and Region - Global Forecast to 2030
Mr. Aashish Mehra
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